PA-based USA Technologies reported record total revenue of $17.6 million for Q2/15, a year-over-year increase of 57%. Also, record license and transaction fee revenue of $11.9 million, a year-over-year increase of 26%.
Additionally, record net connections of 31,000 for a total on the service of 333,000.
“Our leadership position in mobile and NFC payments, combined with our extensive experience with the self-service retail market, is fueling our growth and propels us toward achieving our long-term goals,” said Stephen P. Herbert, USA Technologies’ chairman and chief executive officer. “With Google’s launch of Android Pay, and our collaboration with them, it is another validation of the broader market acceptance of the mobile payments technology we have championed for more than 10 years. With a record number of gross connections this quarter coupled with an increase in equipment sales, we ended the quarter with a year-over-year revenue increase of 57%. We continue to strengthen our balance sheet with the success of the QuickStart program which has increased our cash position significantly and are focused on expanding our presence with our current customers and developing a growing list of new customers.”
For full year fiscal 2016, management expects to add more than 75,000 net new connections, bringing total connections on the service to over 400,000 and expects total revenue to be between $69 million and $71 million. Additionally, QuickStart will remain a popular program for customers, and management expects it to drive positive free cash flows in 2016.
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